# Traders bet on a pop for Anthropic's historic IPO

> Offshore perpetual futures markets are pricing Anthropic's debut stock 30% higher than its IPO range, suggesting traders expect a sharp first-day rally.
- Title: Traders bet on a pop for Anthropic's historic IPO · CNBC
- Summary: Offshore perpetual futures markets are pricing Anthropic's debut stock 30% higher than its IPO range, suggesting traders expect a sharp first-day rally.
- Keywords: anthropic, ipo, perpetual futures, hyperliquid, spacex, openai, crypto exchanges, CNBC
- Source: CNBC — https://cnbc.com/2026/11/10/traders-bet-on-a-pop-for-anthropics-historic-ipo.html
- Author: Oliver Renick
- Published: 2026-11-10T19:51:18+00:00
- Read time: 1 min
- Topics: anthropic, ipo, perpetual futures, hyperliquid, spacex, openai, ai, crypto exchanges, business, finance
## Anthropic prepares for IPO
Anthropic is raising money through an initial public offering this month. The company announced an IPO price range of seventy to seventy-eight dollars per share.
## Perpetual futures imply a pop
Pre-IPO perpetual futures contracts on decentralized crypto exchanges like Hyperliquid are pricing Anthropic at ninety-eight dollars, implying a market cap of roughly one point seven trillion dollars, more than thirty percent higher than the announced…
## Hyperliquid's Anthropic contract
Hyperliquid's pre-IPO Anthropic perpetual began trading two weeks ago at one hundred thirty-eight dollars before settling into a roughly ten-dollar range between one hundred ten and one hundred twenty prior to last week's tech stock…
## SpaceX precedent supports theory
Pre-IPO perpetuals on SpaceX traded at a premium and converged with equity prices at the IPO, before shares rallied as much as forty percent in the immediate aftermath of the listing.
## OpenAI perps fall on news
News of Anthropic's upcoming roadshow weighed on competitor OpenAI. Perpetuals tracking OpenAI's market cap dropped seven percent to one point twenty-seven trillion dollars, with two point eight billion dollars in volume over twenty-four hours.
## Key takeaway

Traders in offshore crypto markets are betting Anthropic's stock will surge on its IPO debut, with perpetual futures pricing the AI company at thirty percent above its announced range.